ENGLEWOOD, Colo., June 07, 2016 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ:GEVO), announced that the first two commercial flights using Gevo’s renewable alcohol to jet fuel (ATJ) are taking place today originating in Seattle and flying to San Francisco International Airport1 and Ronald Reagan Washington National Airport2, respectively.
The event marks a successful step toward new fuels that help airlines to reduce their greenhouse gas emissions (GHGs). Gevo’s alcohol to jet synthetic paraffinic kerosene (ATJ-SPK) process turns its bio-based isobutanol into jet fuel that meets the requirements of the recently revised ASTM D7566 (Standard Specification for Aviation Turbine Fuel Containing Synthesized Hydrocarbons) for up to a 30 percent fuel blend. The two Alaska Airlines flights today utilized a 20 percent fuel blend.
When compared to other fuel options, Gevo believes that its renewable ATJ has the potential to offer the most optimized operating cost, capital cost, feedstock availability, scalability, and translation across geographies.
Alaska Airlines has been a leader in seeking more sustainable fuels and these flights are part of the company’s long-term commitment to its sustainability strategy. Alaska Airlines has been a partner with Gevo in the commercialization of its ATJ, and has committed to other initiatives to reduce GHGs, most recently partnering with Boeing and the Port of Seattle on a $250,000 Biofuel Infrastructure Feasibility Study for Seattle-Tacoma International Airport.
These two commercial flights represent an important advance in biofuels for an industry that contributes about 2 percent of the total GHG emissions worldwide, according to the International Civil Aviation Organization, a United Nations agency. The agency also expects growth in air travel worldwide will result in double the number of passengers and flights by 2030. These additional flights will dramatically increase jet fuel consumption and GHG emissions.
“Alaska is committed to doing its part to reduce its carbon emissions and advancing the use of alternative jet fuels is a key part of our emission reduction strategy. Gevo’s jet fuel product is an important step forward, in that it has the potential to be scalable and cost effective, without sacrificing performance,” said Joseph Sprague, Alaska Airlines senior vice president of Communications and External Relations.
“Flying a commercial flight with our jet fuel made from renewable resources has been a vision of ours for many years, and it has taken many years of work to get this far. We believe our technology has the potential to be the lowest-cost, renewable carbon-based jet fuel, given the efficacy of our technology,” said Pat Gruber, Gevo CEO. “We look forward to moving forward with Alaska, and others in the airline industry, to make renewable jet fuel widely successful as a product that substitutes for fossil fuels, and ultimately helps to reduce carbon.”
1 – Alaska Airlines Flight 388
2 – Alaska Airlines Flight 2
Gevo is a leading renewable technology, chemical products, and next generation biofuels company. Gevo has developed proprietary technology that uses a combination of synthetic biology, metabolic engineering, chemistry and chemical engineering to focus primarily on the production of isobutanol, as well as related products from renewable feedstocks. Gevo’s strategy is to commercialize bio-based alternatives to petroleum-based products to allow for the optimization of fermentation facilities’ assets, with the ultimate goal of maximizing cash flows from the operation of those assets. Gevo produces isobutanol, ethanol and high-value animal feed at its fermentation plant in Luverne, Minnesota. Gevo has also developed technology to produce hydrocarbon products from renewable alcohols. Gevo currently operates a biorefinery in Silsbee, Texas, in collaboration with South Hampton Resources Inc., to produce renewable jet fuel, octane, and ingredients for plastics like polyester. Gevo has a marquee list of partners including The Coca-Cola Company, Toray Industries Inc. and Total SA, among others. Gevo is committed to a sustainable bio-based economy that meets society’s needs for plentiful food and clean air and water.
Certain statements in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements which include statements relating to the two commercial flights scheduled for later today, Gevo’s renewable ATJ and capital costs, operating costs and scalability of production operations for Gevo’s ATJ, are made on the basis of the current beliefs, expectations and assumptions of the management of Gevo and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Gevo undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Gevo believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements and the company cannot provide any assurance that its efforts will result in the company pursuing any potential strategic or financial alternative or that such an alternative, if pursued, will be completed. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Gevo in general, see the risk disclosures in the Annual Report on Form 10-K of Gevo for the year ended December 31, 2015, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the U.S. Securities and Exchange Commission by Gevo.
Gevo Media Contact David Rodewald The David James Agency, LLC +1 805-494-9508 firstname.lastname@example.org Gevo Investor Contact: Shawn M. Severson EnergyTech Investor, LLC +1 415-233-7094 email@example.com